Both the $700 million of two-year class A floating-rate notes and $300 million of three-year class A fixed-rate notes will be issued from the lenders Ally Master Owner Trust.
The deal, Sierra Timeshare 2014-1 Receivables Funding, will issue tranches of notes: Fitch Ratings expects to assign an A rating the $231.8 million class A notes and a BBB rating to the $68.2 million class B notes.
The collateral consists entirely of repayment of funds advanced by Nationstar Mortgage on mortgages that it services, according to Standard & Poor's.
Moodys Investors Service, long a criticof single-family rental securitization, has thrown its hat into the ring, publishing a ratings methodology on the asset class.
The Deutsche Bankled offering of $104 million of 10-year, double-A rated notes backed by a portfolio of Property Assessed Clean Energy bonds priced at a coupon rate of 4.75%..
The subprime credit card market, long down for the count, may finally be poised for a comeback: A team assembled by ex-regulator Raj Date is preparing to launch a plastic card for Americans who dont qualify for mainstream credit.
George Canellos, the SECs former co-director of enforcement, has joined Milbank, Tweed, Hadley & McCloy as global head of the litigation department.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, its not clear exactly what the Commission will do.
While lawmakers continue to press regulators to exempt collateralized loan obligations from Volcker Rule restrictions, managers of these deals have found another workaround and this one allows them to invest in bonds.
Managers and arrangers of U.S. collateral loan obligations have struggled to satisfy the European Unions risk retention requirement. However, the final draft rules published by the European Banking Authority include a new concession that may assist U.S. managers in accessing an investor base in the region.